Most Fed officials signaled they were prepared to raise rates at least three times next year to cool high inflation
As expected, officials also approved plans to more quickly scale back its pandemic stimulus efforts in response to hotter inflation, opening the door to rate increases starting next spring.
They chose to accelerate their stimulus wind-down “in light of inflation developments and the further improvement in the labor market,” the statement said. Brisk demand for goods, disrupted supply chains, temporary shortages and a rebound in travel have pushed 12-month inflation to its highest readings in decades. Core consumer prices, which exclude volatile food and energy categories, were up 4.1% in October from a year earlier, according to the Fed’s preferred gauge.
But if it looks like high inflation is broadening, they might decide instead that they need to raise rates sooner, before meeting the employment goal.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dow Drops More Than 300 Points Ahead Of Fed Meeting, Tesla Sinks While Pfizer, Moderna JumpThe Dow dropped more than 300 points ahead of the Fed meeting and Tesla sinks while Pfizer and Moderna jumped by skleb1234
Read more »
Stock futures tick higher ahead of key inflation data, Fed meetingU.S. stock index futures were little changed during overnight trading on Monday.
Read more »
Dow Drops More Than 300 Points Ahead Of Fed Meeting, Tesla Sinks While Pfizer, Moderna JumpThe Dow dropped more than 300 points ahead of the Fed meeting and Tesla sinks while Pfizer and Moderna jumped by skleb1234
Read more »
Wall Street ends down; investors eye Omicron and Fed meetingWall Street ended lower on Monday, with shares of Carnival Corp and several airlines tumbling as investors worried about the Omicron coronavirus variant ahead of a Federal Reserve meeting later this week.
Read more »
Wall Street falls on Omicron worries ahead of Fed meetingU.S. stocks fell on Monday on worries about the Omicron coronavirus variant ahead of a Federal Reserve meeting later this week, while investors watched Apple close in on $3 trillion in market capitalization.
Read more »
Fed taper will have little impact on Asia markets, UOB strategist saysHeng Koon How, head of markets strategy at UOB, says the move will have little impact on Asian markets.
Read more »